You deposit $10,000 in an account that pays 5.88% annual interest. Find the balance after 2 years when the interest is compounde

Question

Marianna [84]

3 years ago

7

You deposit $10,000 in an account that pays 5.88% annual interest. Find the balance after 2 years when the interest is compounde

d monthly

Mathematics

1 answer:

serg [7] · Answer 1 · 2022-05-19T03:37:10+03:00

Answer:

The above calculator compounds interest monthly after each deposit is made. Deposits are applied at the beginning of each month. If you want to make deposits at the end of each month, then please subtract the first deposit from the initial savings amount.

Step-by-step explanation: